In this module we are going to talk about Tenants and Rental Agreements. A tenant is a person, persons, or business that can occupy a unit within your building. A rental agreement assigns that tenant to a particular Unit and defines the the parameters of the rental - for example, rental rate, and conditions. We have simplified the process for you by automating it into one streamlined procedure when the unit is vacant.
Now, click the add new tenant to begin the process.
Looking at the top of the page you will see the unit name and building name listed.
Email is a required field and is later used for the tenant portal login - you can add a fake email at this point, but it will need to be changed later to grant full tenant portal access.
Password and password confirmation will be the portal password for your tenant to log in. You can change this later if you forget, and the tenant has an option to change it to whatever they want once they login.
Full name field is important to be accurate as it is used for many other things within Savvyrenting. If you have 2 people on contract your can add both to this field. If its a business you can type the main contact's name and then fill out the business Information section.
The remainder of the fields are potentially important but not required and for your general records.
When complete you can click Next Step
Now, you will see a screen that allows you to add, by clicking the PLUS sign, Tenant references and tenant employers. This can be handy information for your records at a later date however it is not required for Savvyrenting to operate.
When you are finished go ahead and click “make a rental agreement”
The first option you can choose is the Building Owner toggle. This will tell savvyrenting if you, the building owner, happen to be this tenant. That will turn off rental payment and adjust numbers in your account reports accordingly. If you still want to track or pay rent for accounting reasons, you can leave this turned off.
Contract signed toggle can be turned on if you already have a paper contract signed for this tenant. If this is the case you can attach a picture of the contract using the option below.
If you are using savvyrenting to generate the rental contract, you will now select the template you wish to use with this agreement from the list of templates you added in the previous training module.
Next you will see WIFI name, Password, and Keys given. This is used in various parts of Savvyrenting so if applicable complete these fields.
Tenancy start date - select the agreed upon move in date. If you are just starting to use Savvyrenting and the tenant has been there for some time, you can add the original move in date. ; however, we suggest you roll back this date to the start of your previous accounting year to maintain accuracy in the reports section of savvyrenting.
Tenancy end date is only completed if it is a fixed term lease.
Payment Amount is how much the tenant will pay per interval as determined in the fields below.
Monthly payments toggle will tell Savvyrenting that your want rent to be due each calendar month based on the tenancy start date or the DAY OF MONTH RENT IS DUE field. If this field is left black, Savvyrenting will assume you want the rent due on the tenancy start date each month.
If it is not a monthly payment, use the payment period length field - for example, if its bi-weeky payment, put 14 in this field.
Now, click save. This completes the entire process of adding a tenant and assigning them to a unit with a contract!